USD/CAD leans on a crucial support - Technical Analysis - 24-12-2015

USD/CA gave up ground in its short term trading, as traders reap profits of the pair's previous risings in the medium and short terms, and with the pair's continuous trading within an ascending price channel in the medium term, and along with the continuing positive pressure from the simple moving average for the period 50, searching thereafter for a bottom to bounce off of, and gain some positive momentum to help it rise again; while noting that relative power indicators have reached extremely oversold levels.

 

We therefore expect the pair to resume rising, targeting thereafter the resistance of 1.4080.